CHICAGO TheStreet) -- Boeing ( BA) said third-quarter net income rose 31% and raised its full-year guidance to above consensus estimates. The aircraft maker said it earned $1.1 billion, or $1.46 a share. Analysts surveyed by Thomson Reuters had estimated $1.10 a share. In the same quarter a year earlier, Boeing reported net income of $837 million. or $1.12 a share. Revenue rose 4% to $17.7 billion. Analysts had estimated $17.8 billion.
The company raised its 2011 guidance to between $4.30 and $4.40 a share, up from between $3.90 and $4.10. Analysts had been estimating $4.27. Boeing guided towards revenue between $68 billion and $70 billion. Analysts were estimating $69 billion. "Strong operational performance drove double-digit margins in both of our major businesses and produced an outstanding quarter," said CEO Jim McNerney, in a prepared statement. "We also strengthened our foundation for accelerated growth by completing development and certification of the 787-8 Dreamliner and 747-8 Freighter, launching the new 737 MAX, and continuing our disciplined ramp up in commercial airplane production rates." Boeing reported on the same day that the 787 was making its first revenue flight, carrying charter passengers between Tokyo Narita and Hong Kong, with similar charter flights on Thursday. The first scheduled service is scheduled for Nov. 1, with flights between Haneda, Okayama and Hiroshima. During the quarter, operating margin was 9.7% Boeing said its backlog grew to $332 billion, including $26 billion in orders during the quarter. Operating cash flow fell to $449 million from $1.9 billion, reflecting continued investment in development programs and discretionary pension funding of about $500 million. In Boeing Commercial Airplanes, revenue increased by 9% to $9.5 billon. Boeing said it will deliver 480 commercial aircraft this year, down from between 485 and 495, on lower planned deliveries on development programs. It will deliver 15 to 20 of 787 and 747-8 units, down from a projected 25 to 30 deliveries. Two-thirds of those deliveries are expected to be 747-8s. -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here:
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